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everyone is obsessed with the taxes. taxes are very important. no one is talking about spending cuts. no one is even barely talking about the sequester, the across the board sequester. and mark, if you don't make a deal, the withholding tax rates start going up in january. the treasury and irs can postpone it but not for long. americans will feel those tack hikes in january. they'll really feel them in february. by march if there's no deal they're really going to start getting hurt and it's going to damage the economy. so what you're saying is, you got no tax cuts. they're all tax hikes. and on top of that, there's no spending. i don't think that's what the public wants. >> what i'm saying is the revenue increase has to be a smaller number than the spending cuts. democrats had better accept that. that's going to be the case. >> i don't know. you look at mr. obama's story, his revenue increases over the whole ten-year period are larger than his spending reductions according to most people who have made the score card. i don't think that's what peo
everyone is obsessed with the taxes. taxes are very important. no one is talking about spending cuts. no one is even barely talking about the sequester, the across the board sequester. and mark, if you don't make a deal, the withholding tax rates start going up in january. the treasury and irs can postpone it but not for long. americans will feel those tack hikes in january. they'll really feel them in february. by march if there's no deal they're really going to start getting hurt and it's...
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Dec 4, 2012
12/12
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it's broadening the base, perhaps lowering some taxes and overhauling that tax code. he said that would destroy american jobs. as the chief executive of a major u.s. corporation, do you agree with that? >> i think it's hard to decide whether it's going to destroy a job until you know what the specifics are. i do think you need to provide incentives for people to keep growing their business, to make more money. i think a really high progressive tax rate won't do that. i do think -- if you raise the rates by a couple points, it's not going to drive everybody crazy. i think what we have to do is get the government out of this industrial policy where every time we turn around, they want something done. they pass a tax law. they get people to invest in it. then they turn around and blame you for taking advantage of the tax law. they call it incentives. then they call it loopholes. i think we have to get the government out of that part of the business. that tax code has to be changed. >> you've got to pay your fair share. >> everybody should pay their fair share. >> allstat
it's broadening the base, perhaps lowering some taxes and overhauling that tax code. he said that would destroy american jobs. as the chief executive of a major u.s. corporation, do you agree with that? >> i think it's hard to decide whether it's going to destroy a job until you know what the specifics are. i do think you need to provide incentives for people to keep growing their business, to make more money. i think a really high progressive tax rate won't do that. i do think -- if you...
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Dec 7, 2012
12/12
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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Dec 3, 2012
12/12
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but even then if you want to do tax cuts to stimulate the economy, why are we doing tax krets. that's been on the table forever. >> why do you think we're not? >> i honesti honestly don't kno. investment trax credits are things we have precedent for in the uk and other countries. they're business friendly. if you want to be business friendly, which most of us do, they're inherently temporary because you're trying to get people to move forward. >> it is strange when david cameron spoke last week, saying we're putting growth in every ministry, there is going to be a growth agenda. so all this talk, but not followed up. >> doesn't seem to be a company hair rent strategy at all. and i can't pretend to know what internal negotiations lead to that but a little bit of broadband hear and get off wealth incentive there is is not growth strategy. growth strategy is recognizing the uk has had an enormous shortfall of investment are and it existed even in the boom years. and has gotten worse since 2008. the financial system is a major part of it. and so you have to think about what it is t
but even then if you want to do tax cuts to stimulate the economy, why are we doing tax krets. that's been on the table forever. >> why do you think we're not? >> i honesti honestly don't kno. investment trax credits are things we have precedent for in the uk and other countries. they're business friendly. if you want to be business friendly, which most of us do, they're inherently temporary because you're trying to get people to move forward. >> it is strange when david...
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making tax fun. that's interesting. >> that's what "worldwide exchange" can do for you. >> thank you, steve. more to come. still to come, democrats and republicans continue their fight for the upper hand on the fiscal cliff. house speaker john boehner's facing something of a revolt within gop's ranks over his budget plan. we'll have the latest from washington when we come back. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks, slightly negative for u.s. stocks yesterday. we are a little bit higher. the dow is currently some 43 points above fair value. the nasdaq is around four poin
making tax fun. that's interesting. >> that's what "worldwide exchange" can do for you. >> thank you, steve. more to come. still to come, democrats and republicans continue their fight for the upper hand on the fiscal cliff. house speaker john boehner's facing something of a revolt within gop's ranks over his budget plan. we'll have the latest from washington when we come back. >>> talks between the white house and republicans over the fiscal cliff have ran to...
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between democrats and republicans over averting the fiscal cliff is raising taxes on those making over $250,000 a year. look at this from quinnipiac university, the question was asked are you okay with that? 65% say they support such a move to avert the fiscal cliff. this is the third poll over the last two weeks to show the same thing, that most americans are okay with raising those taxes on incomes over $250,000 a year. go to the next screen, there's a partisan divide here. this explains why most republicans are dead set against this. democrats are fine with that move. indepe
that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between...
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our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the world. >> erick, quickly, you say it's better to go over the cliff than accept what the president's offered? >> yeah. i absolutely think so. the republicans unfortunately for people like me are willing to raise taxes to the tune of $800 billion. the democrats want to argue with them over the mechanism. and it's the mechanism that would hurt small businesses. the republican negotiating hand winds up being a little better on the other side. the fiscal cliff is the maximum of what ghkts want. you've got howard dean saying we need to raise taxes on everybody, not just the rich. steny ho
our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the...
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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of
what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be...
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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the payroll tax holiday. you get about 20 bucks extra a week. that's separate from the bush era tax rates that could change. all of this just to tell you that the markets have held in very, very well, the markets are telling us they think something's going to get done so it behooves washington not to give it up. >> are you free for the rest of the week? >> how about the rest of the ye year? >> i just signed you up for a little job. because the fiscal cliff is so confusing on a personal level, we're asking, go ahead and tweet us your questions. we figured this would be a good idea to put you guys to work. thatst the address. specific questions about how the fiscal cliff could impact you, your family or business and we've got the experts literally live as your financial planners live on the air to answer some of those questions. are you glad that i just signed you up for that? you'll be seeing christine all week long. anncr: some politicians seem to think medicare and... social security are just numbers in a budget. well, we worked hard for those
the payroll tax holiday. you get about 20 bucks extra a week. that's separate from the bush era tax rates that could change. all of this just to tell you that the markets have held in very, very well, the markets are telling us they think something's going to get done so it behooves washington not to give it up. >> are you free for the rest of the week? >> how about the rest of the ye year? >> i just signed you up for a little job. because the fiscal cliff is so confusing on a...
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by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup? >> reporter: the governor has to cross ts and dot is to make this official. like in washington state, there's uncertainty about what the federal government is going to do before we can really have fully implemented legalized marijuana here. take a look. on election day colorado voted to legalize marijuana and by early january the governor will make it official. but don't expect the streets of denver to look like this. smoking pot in public will remain illegal but behind closed doors the times are a changing. >> adults 21 and over can possess small amounts of marijuana and grow small amounts
by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup?...
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you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too m
you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are...
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. >>> when you hear the term "fiscal cliff, yts you probably think of higher taxes. but it could have an impact on what you eat. the details from washington just ahead. ♪ [ ding! ] losing your chex mix too easily? time to deploy the boring-popcorn decoy bucket. then no one will want to steal the deliciousness. with a variety of tastes and textures only chex mix is a bag of interesting. [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i heard him. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. to the number 1 club in the world. the potential of manchester united unlocked. nyse euronext. unlocking the world's potential. (announcer) when subaru owners look in the mirror, they see more than themselves. so we celebrate our year-end with the "share the love" event. get a great deal on a new subaru and 250 dollars goes to your choice of five charities. by the end of this, our fifth year, our total can reach almost 25 million dollars. it's a nice reflection on us a
. >>> when you hear the term "fiscal cliff, yts you probably think of higher taxes. but it could have an impact on what you eat. the details from washington just ahead. ♪ [ ding! ] losing your chex mix too easily? time to deploy the boring-popcorn decoy bucket. then no one will want to steal the deliciousness. with a variety of tastes and textures only chex mix is a bag of interesting. [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i...
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they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is the headline, isn't it? >> i could not agree with you more. the fact that they spoke, but the fact that there's no progress, and that's a headline. i mean, if we want to take anything from it, any significance, it's the first time they've talked in a week. take that what you will. it's almost like hope springs eternal, but we are a long way from a deal still. neither side, as you said is giving on their basic position. president obama continues to insist any deal must include a tax break increase on the top 2% of wage earners, which republicans, we well know, just as firmly insist, that is a nonstarter
they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is...
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through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the house is out as of yesterday. members are headed to their home states for a nice long weekend with no deal in sight. the majority leader, eric cantor, says he's going to force congress to keep coming back and stay in session until a deal is done. seriously? >> he is serious. but, i mean, it was a pretty short workweek for the members of the house, that's for sure, as they left, not only left yesterday, they left at noon yesterday, after votes. the fact of the matter is that this has happened before. that they will be out on recess, they will be back in their home districts and the leadership will ca
through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> the good folks in minnesota are dealing with a lot of snow this morning including minneapolis, where they had over 10 inches of snow. let's bring in alexandra steel. >> you talked about minneapolis and the star tribune there says winter back. welcome, winter back. it's been a poultry few years there and this is their livelihood. so, a big snowfall, the biggest in two years in places like minneapolis. entire season last year, only 22 inches. their biggest last season, only 4 inches of snow. 14 inches. this is 14 miles east of minneapolis. maplewood. so, twin cities picking up about 10.5 inches of snow, so certainly good news for them, but in the big picture, this is incredibly dyn
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> the good folks in minnesota are dealing with a lot of snow this morning...
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what about the payroll tax hike? >> it is a negative. people need to prepare that come the new year they are going to get less money in they paychecks. for those who haven't had a long time for a very long time or living paycheck to paycheck this is a big issue. earlier this week we spoke to the president of pennsylvania that people are pouring in reaching out to their local legislatures saying help us get some compromise because in this economy people simply can't afford it and it is january 2nd right after the new year when it will affect paychecks and one of the things, randi, that is so disappointing. this fiscal cliff didn't come out of no where. we knew it was coming, it was rolling our direction. but one thing frustrating americans is it seemed like the cliff was being ignored or put on hold while the campaign was going on. it was the day after the election. we saw the dow drop 300 points and suddenly everyone woke up and said we have to face this cliff and the question is, can they really address these issues in the next 24 days
what about the payroll tax hike? >> it is a negative. people need to prepare that come the new year they are going to get less money in they paychecks. for those who haven't had a long time for a very long time or living paycheck to paycheck this is a big issue. earlier this week we spoke to the president of pennsylvania that people are pouring in reaching out to their local legislatures saying help us get some compromise because in this economy people simply can't afford it and it is...
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first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans in the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i sai
first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans in the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the...
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this is raising the tax rate on the wealthy. but eliminating loopholes, are you with the speaker of the house? >> unfortunately, the presidency has already taken us over the cliff. businesses have already paired back their plans and they're hiring for next year anticipating what's going to happen. so we can fix this christmas eve, if we want. but we've already hurt the economy and hurt -- >> are you with boehner? >> i'm not with boehner. this guy doesn't need more money. >> we doubled spending. >> well, we have already offered to extend current tax rates. that's what we should have done six months ago until we could come to some agreement, some compromise on tax reform. >> when you say compromise, where are you ready to compromise, as far as taxes are concerned. >> well, how we go about tax reform, there's a lot of room to work together. >> lower the rats. i'm not sure where the democrats are. th they have not offered the plan. >> they keep the bush tax rates. the top two percent let them go from 35% to 39.6%. >> it's incredible
this is raising the tax rate on the wealthy. but eliminating loopholes, are you with the speaker of the house? >> unfortunately, the presidency has already taken us over the cliff. businesses have already paired back their plans and they're hiring for next year anticipating what's going to happen. so we can fix this christmas eve, if we want. but we've already hurt the economy and hurt -- >> are you with boehner? >> i'm not with boehner. this guy doesn't need more money....
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sell it, tax it, make it a sign of our valued civil liberties, maybe even a treatment for illness. we're talking, of course, about marijuana, pot, whatever you want to call it. voters in washington and colorado legalized it, recreational use last month. and washington's law took effect on thursday. but when americans think about legal drug use, most people don't think seattle. think they about amsterdam, right? holland's famous port city has about 780,000 people. drugs there are technically illegal but they've been tolerated since the 1970s. seattle is a port city, too, a little smaller than amsterdam. as of this week, marijuana is legal across the whole state in amounts up to one ounce. what can seattle and the rest of american expect to happen in areas with legalized pot? i asked an amsterdam journalist. >> they don't have to fear any increased -- that's my experience here in amsterdam. a lot of foreigners are coming to buy -- it's not heroin or cocaine. it's cannabis, marijuana. there are strong regulations, people who are under 18 can't buy it. the mayor checks every coffee sho
sell it, tax it, make it a sign of our valued civil liberties, maybe even a treatment for illness. we're talking, of course, about marijuana, pot, whatever you want to call it. voters in washington and colorado legalized it, recreational use last month. and washington's law took effect on thursday. but when americans think about legal drug use, most people don't think seattle. think they about amsterdam, right? holland's famous port city has about 780,000 people. drugs there are technically...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life easier? who do you think i am, quicken loans? at quicken loans, we'll provide you with myql mobile. this amazingly useful app allows you to take pictures of your mortgage documents using an iphone or android smart phone... so you can easily send them to us. one more way quicken loans is engineered to amaze. ooh, la-la! there's a health company that can help you stay that way. what's healthier than that? >>> the fiscal cliff looms at the end of the month. president obama standing firm in this interview he did today with bloomberg tv. >> we're going to have to see the rates on the top 2% go up. a
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life...
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one, instead of raising the current tax rate on the wealthy from the 37% from the bush tax era, to 36%, as the president wants, pick a middle ground. republicans are so concerned about small businesses getting hit by increased rates, follow a bipartisan senate proposal from republican susan collins, now endorsed by republican olympi s well. all week, he tried to turn it around by making the president look unreasonable. >> the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the fiscal cliff. >> reporter: democrat jim manly were top congressional aides for years on opposite sides of many negotiations. >> when you have the negotiations, you have to fill the public space up with images of communications, on what the leaders are standing for. >> reporter: but manly, the democrat, from the president's perspective he says this time is different. >> the president and his team finally came to the result that they can't negotiate with hostage-takers, and learned their lesson from last year. >> the speaker says over and over he is waiting for the presiden
one, instead of raising the current tax rate on the wealthy from the 37% from the bush tax era, to 36%, as the president wants, pick a middle ground. republicans are so concerned about small businesses getting hit by increased rates, follow a bipartisan senate proposal from republican susan collins, now endorsed by republican olympi s well. all week, he tried to turn it around by making the president look unreasonable. >> the president has adopted a deliberate strategy to slow-walk our...
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a prominent republican senator is backing away from a no tax hike pledge. georgia senator told a group of republicans this weekend that he does not want washington to dictate how he votes and that his commitment is to his constituents. he's one of 39 senators who signed conservative activist norquist pledge but the looming fiscal cliff has caused several lawmakers to walk back from that promise. reliable sources is at the top of the hour. >>> the democratic republic of the congo is a nation the size of all of western europe. it may be in for a violent regime change as rebels have gained ground in recent weeks. congo was the setting for the heart of darkness and that hasn't lifted in 110 years since the story was public . 5.4 million people have died. jeff, why is it that the crisis seems to be heating up? you point out that the congo that the government's army is losing battle after battle. >> i think this is really an issue of state failure. i've been covering congo for six years and i've seen the country get weaker and weaker since i began. there was a bi
a prominent republican senator is backing away from a no tax hike pledge. georgia senator told a group of republicans this weekend that he does not want washington to dictate how he votes and that his commitment is to his constituents. he's one of 39 senators who signed conservative activist norquist pledge but the looming fiscal cliff has caused several lawmakers to walk back from that promise. reliable sources is at the top of the hour. >>> the democratic republic of the congo is a...
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the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other. that still appears to be what they're doing, no? >> i think right after the election that was the message that even president obama and john boehner and the entire leadership, we saw that incredible image of the minority and majority leaders on both houses come out saying things that sounded like they were going to cooperate. but, you know, only in washington can that mean nothing quickly. but i do think, look, let's put this in perspective. we have a game of chicken going on here with a lot of posturing. there's 30 days to get this done, which for washington time it's like dog years. it's an eternit
the revenue proposals are $1.6 trillion in revenue and tax increases. it's a massive tax increase. but also not significant and meaningful in entitlement reforms. >> so, anna, i hear comments like those and remarks by john boehner and the president of the united states and i wonder after the election, did we learn anything? because i -- my reading on the election was that the people, the voters wanted compromise. and for the people in washington to talk to each other not at each other....
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she was required to pay $363,000 on federal estate taxes on her inheritance that she would not have had to pay that opposite marriages get. so, a pretty clean case here and even the obama administration has already said it doesn't think the constitutionality of the defensive marriage act can withstand a legal attack. the second case the court decided to take on is proposition 8, the california ballot initiative adding a state constitutional amendment in 2008 that said only marriage between a man or woman is valid or recognized in california. it overturned a court ruling that said same-sex couples have a right to marry. the cases are likely to be heard in march and decided some time in june. randi? >> joe johns, thank you very much. >>> so, the decisions handed down next year but as jeffrey toobin told anderson cooper just the fact that they'll hear the cases is a landmark move. >> in 1967 was also the decision that said interracial marriage could not be banned by states. today that looks like, can you imagine a state that would ban interracial marriage. but 19 states still had that law
she was required to pay $363,000 on federal estate taxes on her inheritance that she would not have had to pay that opposite marriages get. so, a pretty clean case here and even the obama administration has already said it doesn't think the constitutionality of the defensive marriage act can withstand a legal attack. the second case the court decided to take on is proposition 8, the california ballot initiative adding a state constitutional amendment in 2008 that said only marriage between a...
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minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start there with dana bash here in a moment. because the fiscal cliff debate is starting to sound like, you know, a high stakes game of chicken. there is all kinds of tough talk. no action. right now democrats and republicans are refusing to compromise on this key sticking point, how to get more money from wealthy people. president obama, you know the deal, he wants to raise tax rates for the wealthy. house speaker john boehner wants to close tax loopholes, limit deductions for the wealthy. let's stay on the hill here, let'
minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start...
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they only say he is in his 30s, lives outside phoenix and walks away with nearly $193 million before taxes. >>> coming up, how can you smell like pizza without going through all the trouble of eating it? the "ridiculist" is next. >>> time for the "ridiculist." tonight a brand new product. it's a dream come true. it's a dream come true if you are canadian and dream about walking around and smelling like a pizza hut. yes, pizza hut canada have come up with a limited edition run of pizza hut perfume. mm. the bad news is they only made 110 bottles and gave them away to facebook fans. so you can't just run out and buy it. oh, pizza hut, canada, why must you tease us so. they aren't ruling out a larger run on pizza hut perfume in the future, but for now we'll have to go old school, improvise a little. i find a few heaping teaspoons of pepperoni grease behind the ears. this is the same company that recently offered this limited edition crust because who hasn't gotten to the end of a slice of pizza and said, i feel like something is missing and i'm pretty sure that thing is a hot dog. i can almost
they only say he is in his 30s, lives outside phoenix and walks away with nearly $193 million before taxes. >>> coming up, how can you smell like pizza without going through all the trouble of eating it? the "ridiculist" is next. >>> time for the "ridiculist." tonight a brand new product. it's a dream come true. it's a dream come true if you are canadian and dream about walking around and smelling like a pizza hut. yes, pizza hut canada have come up with a...
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loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then, you know, that's the choice they're going to have to make. >> emily joins us live from washington. emily, the zinger sound bites, they're all piling up. what is the actual strategy behind all this political theater? what are you hearing from the republicans and from the democrats? >> reporter: you know, less than a month out now from going over the fiscal cliff. even talk about p
loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >>...
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they only say he is in his 30s, lives outside phoenix and walks away with nearly $193 million before taxes. >> i understand he wouldn't want to be identified. >>> coming up, how you can smell like pizza without going to all the trouble of actually eating it. the "ridiculist" is next. they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. i have a cold, and i took nyquil, but i'm still "stubbed" up. [ male announcer ] truth is, nyquil doesn't unstuff your nose. what? [ male announcer ] it doesn't have a decongestant. no way. [ male announcer ] sorry. alka-seltzer plus fights
they only say he is in his 30s, lives outside phoenix and walks away with nearly $193 million before taxes. >> i understand he wouldn't want to be identified. >>> coming up, how you can smell like pizza without going to all the trouble of actually eating it. the "ridiculist" is next. they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over...
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everyone's taxes go up and automaticpending cuts take
everyone's taxes go up and automaticpending cuts take
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at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around the economic cloud hanging over the country. mortgage rates are expected to stay low through 2014. home affordability is as good as it it's been in generations. that's going to attract buyers who spent the last few years waiting for prices to bottom out. that's going to help millions of homeowners who currently owe more on their homes than the home is worth. the home prices rising, confidence will return. and longer term prospects also have some real hope in america. we're in the midst of a domestic energy boom that will fuel growth for y
at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around...
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we have to reform our tax system so we collect more revenue. it's not possible to do all of that between now and the end of the year when this fiscal cliff thing hits, but the government could put in place a framework. that's what they are arguing about now, what is the framework for the grand bargain that we will fill in the details in the next congress? >> one of the biggest fundamental reforms though that you say needs to happen is with those entitlement programs, so what exactly needs to change right now, and what would you say needs to stay? >> well, nobody is for abolishing medicare, for example. everybody is in favor of medicare. it's a very important program for seniors. it's paid the cost of health care for seniors over many years. we're going to have more seniors. that's part of the problem, and health care costs go up, so the program is going to be more expensive. the problem is to use those resources more effectively. we have very expensive health care in the united states, and that's partly because it's inefficient, so people on bo
we have to reform our tax system so we collect more revenue. it's not possible to do all of that between now and the end of the year when this fiscal cliff thing hits, but the government could put in place a framework. that's what they are arguing about now, what is the framework for the grand bargain that we will fill in the details in the next congress? >> one of the biggest fundamental reforms though that you say needs to happen is with those entitlement programs, so what exactly needs...